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Bitcoin (BTC) price can accelerate if it breaks $ 10,600




  • The Bitcoin price fell recently, climbing over the $ 10,200 resistance to the US dollar.
  • The price is currently trading well above $ 10,300, but faces barriers near $ 10,500 and $ 10,600.
  • It is a linking bullish trend line formed with support near $ 1050 on the hourly chart for the BTC / USD pair (data feed from Kraken).
  • The price is likely to climb higher if it breaks the $ 10,600 resistance range in the short term.

Bitcoin price corrects higher with a positive bias above $ 10,200 against the US dollar. The BTC may continue to rise if it breaks the $ 10,500 and $ 10,600 resistance.

Bitcoin Price Analysis

This past week saw a sharp decline in the BTC below the $ 1[ads1]0,000 support against the US dollar. The price traded at $ 9,500 support and recently started an upside correction. It traded above the $ 10,000 resistance level to move into a positive zone in the short term. Also, there was a $ 10,200 breach over the resistance and the simple 100-hour simple moving average.

However, the price faces some major obstacles near the $ 10,500 and $ 10,600 resistance levels. Already, there were a few attempts to surpass the $ 10,500 and $ 10,600 resistances, but the bulls failed. The last swing height was formed near $ 10,513, and the price is currently falling. It traded below the $ 10,400 level plus the 23.6% Fib retracement level for the last leg from $ 9,998 low to $ 10,513 high.

On the downside, there is decent support forming near $ 10,250 and $ 10,200 levels. In addition, there is a linking bullish trend line formed with support near $ 10,250 on the BTC / USD pair hourly chart. Bitcoin price can also find strong bids near the $ 10,225 level and 100 hour SMA. If the bulls fail to defend the $ 10,200 support, the price could fall back to $ 10,000.

On the upside, the price clearly faces a strong resistance near the $ 10,500 and $ 10,600 levels. Therefore, a convincing break above the $ 10,600 level is necessary for the bulls to gain traction. In that case, the price can accelerate higher toward the $ 10,800 and $ 11,000 resistance levels.

 Bitcoin Price Analysis BTC Chart

Looking at the chart, the bitcoin price is approaching a decisive breakout point and it can either climb over $ 10,600 or start a new fall below $ 10,200. As long as it's not close to $ 10,500 and $ 10,600, the price of risk of multiple losses remains. Headers under $ 10,200 are close to $ 10,000 and $ 9,800.

Technical Indicators:

Hourly MACD – MACD is likely to move back into the bullish zone.

Hourly Relative Strength Index (RSI) – The BTC / USD RSI is currently above the 50 level.

Major Support Levels – $ 10,200 followed by $ 10,200.

Major Resistance Levels – $ 10,500, $ 10,600 and $ 10,650.



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